Mortgage applications nearly flat last week

WASHINGTON 
Applications for home loans were almost flat last week even though mortgage rates fell to the lowest level in decades.

The Mortgage Bankers Association said Wednesday that overall applications rose 0.6 percent from a week earlier. Applications to refinance home loans increased 0.6 percent, while those taken out to purchase homes rose 0.3 percent. The numbers are adjusted for seasonal factors.

Mortgage rates have been at or near the lowest levels in decades since mid-April. Investors have poured money into safer U.S. Treasury bonds over concerns about European debt problems. That has lowered the yield on Treasurys. Mortgage rates tend to track that yield.

The average rate for a 30-year fixed loan fell to 4.57 percent last week from 4.6 percent a week earlier. That's the lowest on the Mortgage Bankers Association's records, which go back to 1990.